Investment Banks

At the beginning of May, I had the opportunity to perform one of my favourite roles overseeing Education at CFA Institute - presiding over the finals of our annual Global Research Challenge. The challenge, which tests teams on their knowledge and expertise in the investment industry, brings together the regional champions from EMEA, APAC and the Americas, each of which have beaten at least a dozen qualified and committed competitors from their regions.

Perhaps I should've seen another film, if I can't stomach what certain grown-ups do for a living. Maybe I'm an idealist, but I can assure you my rose-tinted spectacles came off for two hours. Never has a film captured the disgusting, murky world of banking so vividly.

Executives must realize that the previous era of financial capitalism ended with the global crisis in 2008. Clients, asset owners, and the general public are looking for the industry to return to its core purpose of serving the greater good, providing value to society so that economies and communities' thrive.

Brussels is wrong to cap bankers' bonuses, just as it was wrong to propose a financial transactions tax a few months ago. Its thinking, however, is along the right lines; having failed to manage their businesses responsibly, bankers need to be kept on a tight leash.

It may seem the stuff of fairytales, but there are in fact lots of reasons why you might receive a cash windfall. After all, an unexpected tax rebate, a work-based bonus or a sudden inheritance could all make a big difference to your finances.

Iraq could be one of the richest countries in the world. Yet over three quarters of Iraqis do not have bank accounts. So where do they keep that wealth? And can the Iraqi banking system be dragged into the 21st century?